Preheat an oven to 220 degrees C. Grease a 20x30cm glass baking dish with the oil, and set aside.
Rinse the catfish fillets and pat dry. In a shallow bowl, combine the polenta, Cajun seasoning, paprika, sugar and black pepper. Combine the eggs and Tabasco or water in a another bowl. Dip the fillets in the egg mixture, dredge in the polenta mixture, and arrange in the baking pan.
Bake for 15 minutes, or until cooked through and golden brown. Turn once during cooking. Place catfish on a paper-towel lined plate and serve immediately with additional Tabasco sauce.